change in PRASM times change in capacity should simply return change in revenue. so they are interesting to compare... however, i think you have to be consistent about the use of leap-year adjusted numbers -- i would want to use the leap-adjusted basis here as well. ~7% increase in PRASM on ~5% decrease in daily capacity suggests that daily revenue is up a bit despite flying less.

one could argue that weather events help unit revenue by packing a week's worth of passengers onto five days of flights..

hard to tell exactly what this report means -- lots of variables, and it can be spun either way. wall street seems to like it. i'm not reading too much into it yet. march will be interesting, too -- we're moving into a period of easy comps, as they report PRASM changes against the beginning of the post-3/3 period..